What’s Going On is a serialization of the commercial development planned, in progress, and now open around Fort Collins. This month we will be focusing on the North Fort Collins area.

Development in North Fort Collins

Poudre River Whitewater Park will be located just north of Old Town and will offer year round recreational fun. Kayakers, tubers and kids of all ages will enjoy safe river access areas. This will include public open space, kayaking features, a new pedestrian bridge, and parking. Construction begins in the fall of 2017 with completion anticipated by spring 2018.

The new Lyric Cinema will have an increased space of 10,000 square feet compared to the former Old Town space of 3,500 square feet. The new building will offer an 80-seat restaurant, an outdoor projection booth, and three indoor screens. Completion is expected by fall 2017.

The Firehouse Car Wash, part of the Country Club corners revitalization, will be a drive-thru car wash and coffee shop. Completion is planned for November 2017.

Northern Colorado Feeders Supply moved to 300 Hickory Street in order to make way for the renovation of their former location north of Old Town. The previous location will become the Ginger and Baker Coffee and Pie Shop.

Construction began in June 2017 on the Arby’s at the North College Marketplace, anchored by King Soopers.

The Elevated Sandwich Shop is now open, offering craft sandwiches with local ingredients, beer & wine. Find it in the former Pizza Hut location on the southeast corner of North College and Willox Lane.

Crowne at Suniga will break ground in 2018 and offer 305 total units in seven 4-story buildings. They will include one, two, and three bedroom apartments. In addition, there will be 19 attached townhomes and carriage homes.

Home staging can seem like a magical process–transforming your cluttered, uninspired bungalow into a dream home that instantly inspires multiple offers. A professional stager will have knowledge on the most desirable design trends and bring stylish furniture and accessories to transform your home. But if your budget doesn’t accommodate this oft-pricey service fear not.

Home sellers who want to present their home in a tasteful way can do so with the tips below from design-minded experts. The best news is, they’re all styling tricks you can pull off yourself.

1. Arrange bouquets of flowers

The best fruits to display are oranges, lemons, and green apples. “Green apples are particularly pretty and last a long time,” says Marcotte.

“Place flowers in small, tightly arranged bundles in short vases,” suggests Carole Marcotte, a designer with Form & Function, in Raleigh, NC.

Pro tip: Use a rubber band to keep the stems together. And be sure to trim the stems and change the vase water every few days.

2. Fill a fruit bowl

“Fruit is a symbol of abundance, prosperity, and good luck, which is why you often see experts include some in staging,” says Heinemann. It’s inexpensive and adds a burst of color and texture that helps tie a room together.

Avoid bananas, berries, or pears, which will ripen quickly and smell sickly sweet. Fruit shouldn’t look fancy or fussy, so just stack the pieces on a serving platter or pile then into a glass or ceramic bowl.

3. Pile on the pillows (but not too many)

The trick to staging with pillows is to have just enough to make a room look welcoming and spruced up, but not so many that buyers are distracted, explains Marcotte. Beds should have sleeping pillows on each side, a Euro pillow in front, and perhaps one decorative pillow, she says.

On a long couch, Marcotte likes to place two pillows on one end and one on the opposite end.

“An asymmetrical look is more interesting and not overdone,” she says. Heinemann likes to use four pillows on sofas, two on larger chairs or love seats, and one for every upholstered chair.

To keep everything looking coordinated but not too matchy-matchy, choose throw pillows in the same color palette, but feel free to mix prints.

4. Fold towels the right way

Both Heinemann and Marcotte agree that simply folding a towel in threes looks best regardless of whether you’re stacking towels or hanging them over a bar or through a ring.

Here’s how: Fold one side toward the middle and then the other so no raw edges are showing, and then fold it in half lengthwise to hang or stack.

Also, you shouldn’t–for any reason–have messy or soiled towels in the bathrooms. And don’t even think about tying towels with ribbon because no one does it in real life.

5. Curb bedside table clutter

When it comes to bedside tables, the neater, the better.

“Keep it simple with just a couple of books, a small plant or candle, and a lamp,” recommends Heinemann.

As for family photos, do a clean sweep. “It’s best to depersonalize, because you don’t want a buyer looking at your kid’s graduation picture and then missing the beautiful bedroom molding,” she explains.

6. Curate your coffee table

With a surface larger than a side table, you have room to design a smart tableau. Make your coffee table stand out by organizing your odds and ends in distinct sections, usually thirds or fourths.

“In one section, place a nice tray to hold a plant, a geode, drink coasters, or candies,” Marcotte says. Two sections of the table can hold large art books, and the last quarter can either be empty or contain a pretty box to hold your remotes.

“You might also add a large plant, flower arrangement, or tall piece of art in the middle,” she suggests. Long-lasting orchids are great here, as is a collection of small succulents.

7. Don’t forget the closets

Buyers do poke their heads inside closets, so staging them is a must.

Stephen Newman, president of Closet Factory in Fort Lauderdale, FL, reports that many potential buyers make assumptions based on closets.

“A disorganized, cluttered space says, ‘This home is tight on storage,’ even if that’s not the case,” he explains.

Never put your home on the market without an assortment of clothes in the master bedroom closet. An empty closet might make a buyer think you’re desperate to sell, which could lead to a lowball offer. Group like items together, and then color coordinate.

“This helps a buyer’s eyes flow easily along the space, making it feel larger than it really is,” Newman says. Be sure everything is off the closet floor and toss old, mismatched hangers in favor of uniform ones (hanger continuity also improves visual flow).

What’s Going On is a monthly overview of the commercial development planned or in progress in Fort Collins.

This month we are focusing on the rapidly changing Downtown Fort Collins area. It’s worthwhile to note that retail leasing has recently showed an extremely low 3% vacancy rate. As we’ve seen in the residential rental market in recent years, the commercial market also has very limited retail lease space available. Older and less desirable centers that have been difficult to lease in the past have recently shown increased activity. Demand for in-line shop space, defined as space in a strip mall, or space that is side by side fronting a parking lot or street is extremely high! On the other hand, “Big Box” activity is stagnant due to increased consumer shopping online. Desirable locations with high street visibility are in demand, especially for companies looking from outside of the area.

Commercial rental rates remain high due to the high costs of construction. For example, spaces at the Foothill Mall are leasing for $7,000-$8,000 per month. Rather than secure new locations, some retailers are opting to renew their current leases at their current location, or close their business when the current lease ends.

Downtown Fort Collins Development

Elizabeth Hotel and Parking Garage at 354 Walnut will open in the fall of 2017. It is being developed by Sage, McWhinney, and Bohemian Companies. The project includes an Emporium Kitchen and Wine Market plus coffee and ice cream shops.

Ginger and Baker at 359 Linden will offer coffee, pie, and grab-and-go food service from a side window. Opening is projected for third quarter, 2017.

Union Restaurant, a massive 6,000 square foot eatery at the corner of Jefferson and Linden Streets, broke ground in May, 2017. Located adjacent to the Rodizio Grill, Union is expected to open in late January, 2018.

The Exchange is a Brinkman project located in the 200 block of North College. It will feature a common consumption area, where liquor can be legally carried between businesses. Shipping container structures will house Churn Ice Cream and other restaurants and retail shops.

221 E. Mountain, the former Mountain View Tire location, is being developed into a 4-story office building with 67,000 square feet.

The Safeway location at the corner of College and Mulberry is being considered for a 2-story addition above the liquor store. An additional 6-story building may include a replacement grocer.

The former Sports Authority site at 425 S. College is targeted for a Lucky’s Market.

JD Padilla is developing a mixed use project that includes 180 apartments and 60,000 square feet of commercial space between Cherry and Maple on North College.

34 apartments at 830 S. College across from CSU are planned for the Schrader’s location.

Confluence is a mixed-use project at Linden and Willow Streets with 47 apartments, plus retail and office space. The project will span the entire block with 5 stories.

Cottages of Fort Collins features 195 apartments at Lincoln and Lemay. The project is slated to house 900 students. Two and three story townhomes will range from 1,700 to 1,800 square feet with 4 to 5 bedrooms.

Most millennials dream of becoming homeowners one day. But a recent report shows that a majority of them haven’t saved anywhere near the amount necessary for a down payment, putting their homeownership dreams far into the future–and possibly out of reach.

About 80% of the younger generation hope to buy a home, according to the study from rental website Apartment List. But 36% of these wannabe homeowners plan to wait more than five years to take the plunge into homeownership.

That’s because home prices keep rising and most millennials simply don’t have the money for an onerous down payment. More than two-thirds of respondents don’t even have $1,000 in down payment savings.

The Survey

Apartment List surveyed 24,000 millennial renters, born between 1982 and 2004, for the report. It was conducted from October 2016 through April 2017.

The percentage of millennials planning to wait at least a half-decade spiked this year. In 2016, only 27% said they planned to wait more than five years. In 2015, the figure was 23%.

And in the latest survey, 67% believe it will take them at least three years to become homeowners while only 16% believe they’ll close on a home within two years.

“Millennials’ plans to purchase a home are being pushed further and further into the future,” says Apartment List data analyst Chris Salviati, one of the authors of the report. “That could have serious impacts on their long-term financial stability.”

Decades to Save Up for a Down Payment

In the priciest parts of the country, it might take aspiring homeowners two decades–or more– to come up with a 20% down payment.

Take San Jose, CA. Young buyers are expected to need at least 24 years to come up with 20% for a condo in the metro area. Twenty-four years!

The grim reality of sizable down payments isn’t much better in the metros of Austin, TX, and Los Angeles, where millennials will need nearly 21 years to save. The calculations include home price, income, and savings growth projections.

“A lot of college-educated millennials are still carrying a lot of student debt,” Salviati says. “To move to some of the best-paying jobs, millennials have to live in some of the most expensive cities. And throughout the country, increases in home prices are outpacing wage growth.”

When the hurdle of an initial down payment was reduced to 10%, just 1 in 3 millennials said they could come up with the needed down payment in five years or less.

However, it’s worth noting that many younger and first-time buyers put down considerably less than 20% or even 10%. Certain Federal Housing Administration–insured loans require only a 3.5% down payment.

Why are Millennials Waiting to Buy?

About 72% of aspiring millennial buyers said they’re waiting because they can’t afford to buy. 45% said they weren’t ready to settle down yet. And 36% said they’re waiting to be married first.

Coming up with the down payment was the biggest obstacle, at 53% followed by monthly payments (at 36%) and low credit scores (at 29%).

“They’ll continue renting longer into adulthood than we’ve seen in previous generations,” Salvaiti says. They might buy smaller homes or “migrate to areas where prices are more affordable.”

What’s Going On? is a monthly serialization of the commercial development planned in or in progress in and around Fort Collins. We start with a brief market overview and then the activity in a given area.

Between 2,000-6,000 apartments are in various stages of planning across Fort Collins. As many as 2,500 are planned for Mid-Town locations. Current median rents in Fort Collins are $900 for a one-bedroom apartment and $1300 for a two-bedroom. Rent in a proposed high-end project at the mall with studio and two-bedroom floor plans are within range.

Apartment vacancy in Fort Collins was 1.8% in 2015 and 2.7% in late 2016. The Colorado vacancy rate was recently at 5.2%. A vacancy rate of 5% is considered a balanced market. A vacancy rate less than 5% indicates that demand is greater than supply.

Mid-Town Fort Collins includes the Foothills Mall, which as of 2016, is reported to have 304,530 square feet leased (63% of the total square footage). Leases for another 40,000 square feet are nearing execution.

Activity in Mid-Town Fort Collins

Cycle Apartments are 405 high-end studio and two-bedroom apartments by McWhinney Development located on the east and north sides of the mall. Eighteen buildings with three to four stories will offer amenities including social fitness, clubhouse and pool, demonstration kitchen, social lounge, golf simulator, and bike and ski repair shops. Square footage for the apartments is 590-1119. Rents are $1,200 for the studio and $1,600 for the two-bedroom floor plan. Completion is mid-2017 with Baby Boomers and urban professionals as the target market.

225 Johnson Drive will include 195 apartments located north of Whole Foods behind Dog Pawlor, and south of Spring Creek Trail. The existing self-storage units and three duplexes will be razed. The five-story building will offer 4,000 square feet of office and retail space.

The gas station on College south of Spring Creek Trail, and across the street to the west of Chase Bank, will be redeveloped to an Elevations Credit Union.

Spring Creek Apartments will be located next to Whole Foods and include 168 units for occupants 55+ years young. Completion is anticipated in 2018.

Attorney Erik Fischer has plans to demolish five houses located at 1215 S. Shields and possibly build 97 apartments with one to two bedrooms and 11 single family homes.

Landmark Apartments plans to expand to the east of the current buildings with five additional two or three story buildings. In total, 68 apartments are expected.

At the northwest corner of Prospect and I-25, the Gateway at Prospect is a proposal for 650 single-family homes, apartments, and townhomes. The developer would have to widen Prospect to accomplish this project.

1,200 new apartments located by the new CSU stadium would include The Standard and The Slab. Beebe Christian School would be replaced with a five-story apartment complex.

100 apartments are proposed at 3425 S. Shields to replace a single family home.

The Overlook, located south of Horsetooth and JFK Parkway, would include 105 apartments.

A proposal for 170 apartments at 2800 S. Taft Hill Road for the 55+ years young market was submitted to the City of Fort Collins in April 2016, but there has been no further progress since that time.

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